Consumers tighten purse strings as crisis continues
Consumers tighten purse strings as crisis continues
As the COVID pandemic continues to have disruptive impacts across the economy, almost half of Australians are planning to cut discretionary spending in the new year, new research has revealed.
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Tasmanian banking group MyState Bank surveyed more than 1,000 consumers about their financial resolutions for 2021, and found that 48 per cent wanted to rein in spending on luxury items over the next six months.
The research also revealed that nearly 30 per cent of consumers wanted to start and maintain a budget for themselves in the new year, while 20 per cent wanted to pay their mortgage off faster.